Top 8 Interesting Impacts of Social Media on Businesses

In this digital age, social media for businesses is not an option. It’s an important way to reach target customers, gain insights and grow your brand. Did you know that there are over 4.2 Billion active social media users globally?

Popularity of social media has led to digital marketing, which uses different digital platforms to promote products or services. Many popular brands have included social media marketing as part of their marketing plan as other brands continue to contemplate using these platforms.

1.      Increase Brand Awareness

Social media is a natural place to reach potential customers. With over half the world’s population using social media platforms, increasing your brand awareness is easy as most people don’t necessarily go for products they already know. For example, 83% of Instagram users say they discover new products on this platform.

The trick is to experiment with different content on each social channel, as not all channels want the same type of content. It is also crucial to ensure that you remain relevant on social platforms and post on a consistent schedule.

2.      Increase Website Traffic

Ads and social media posts are crucial ways to help drive traffic to your business website. Sharing great content from your blog to our social media platform is a great way to get readers after publishing your post. Several brands tease readers with great content on their social media platforms and then direct the followers to read the article via the “link in bio.”

Participating in social chats is also great as it increases your visibility, gets attention, showcases your expertise, and helps drive traffic to your site. Therefore, you must include your website address on your social media platforms. It will make it easier for people who want to learn more about you to do so at the click of a button.

3.      Generates Leads

All businesses are interested in generating leads and increasing their conversion rates. Social media offers an easy way that potential customers can express interest in your product or services. With just a couple of clicks and taps, you can track the leads on your business.

Lead generation is a vital benefit of using social media for business, as the business can easily turn these leads into customers. Therefore, ensure that you keep the customers engaged in the best way possible, convincing them why they need your products or services.

4.      Reduces Marketing Costs

Many businesses go for social media marketing as it promises profitable success when done properly. In addition, social media campaigns produce sharing of posts and generate more views and publicity for your brand, all at a one-time cost.

A single person sharing a post or re-tweeting your message can reach hundreds or thousands of people at no cost. Therefore, it is important that your business doesn’t miss out on such an opportunity as it is a great avenue to save money that businesses would otherwise use in marketing.

5.      Increases Referrals

One of the biggest impacts of social media platforms is virtual word-of-mouth. Most consumers confess to buying products based on social media referrals. An example is how referrals built businesses such as Dropbox and Evernote on referrals.

6.      Helps Gauge Audience Feedback

Any business is interested in knowing how people perceive its newly launched product. For example, is it easy to use? Is the price okay? What could have been added? These questions posed to the audiences can give important insight into a business.

While it is not uncommon that complaints are launched by people who did not try the product, the social media platform helps start the conversation with your audience. Take your time to respond to the customers and explain why you can or can’t do something. It helps keep engagement as you find the best solution to improve your products or services.

7.      Increases Industry Collaboration

Influencer markets are the most common and extremely effective collaboration form. More than 50% of marketers say that influencer marketing budgets are set to increase in the coming years. Influencers have a huge social media following and can help draw attention to your brand.

Social media is more than just a platform for influencer marketing; it allows brands to collaborate and expand their audience through simple post sharing easily. Without it, collaboration would involve sending a dedicated email to partners or hosting webinars.

8.      Omni channel Customer Service

Nowadays, customers choose social media as the main way to interact with a brand since they get instant attention. As a result, social media platforms are a powerful way to engage customers who reach out to you and deliver a seamless Omni channel customer service experience.

In this case, paying attention to all the customer service issues while being kind to your customers is important. Availability across all social media platforms is also vital as customers can trust you and your brand, which positively impacts your brand.

Final Thoughts

Now that you know how social media platforms can impact your business’s growth, it’s a no-brainer to include social media in your brand. But, first, you need to check your posting schedule if you already have social accounts. Ensure that you post weekly and mix up written posts with live or prerecorded videos.

Consider periodic collaborations with influencers where you can accurately assess user engagement. At the same time, ensure that you respond to the user’s comment. Finally, it’s important to note that social media following does not bear fruits overnight, but it’s well worth it in the long run. The trick is consistency and not giving up.